$100,000 Bitcoin Price Is Inevitable, According to Bloomberg Strategist Mike McGlone – Here’s Why

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, is predicting that Bitcoin (BTC) is headed to a six-figure price.

McGlone says that the oil prices will persist on a downward trend throughout the second half of 2022 towards a price of $50 a barrel and this will trigger deflationary trends worldwide.

The deflationary impact will consequently send the price of gold rising to $2,000 an ounce and also boost the price of Bitcoin to $100,000, according to the Bloomberg Intelligence strategist.

“A Matter of Time? $2,000 Gold, $100,000 Bitcoin, $50 Crude Oil –

The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds.”

Bitcoin is trading at $23,400 at time of writing.

This is not the first time that McGlone is predicting that Bitcoin will reach a six-figure price. In March, when the flagship crypto asset was trading at over $40,000, the Bloomberg Intelligence strategist predicted that Bitcoin would first undergo a correction before surging to $100,000.

“But Bitcoin is the gold in the space. And it’s still speculative. I just really think it needs to be shaken out a little bit and then go back up as a whole market.”

Bitcoin fell to a year to date low of around $17,622 in June.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Stablediffusion